IRA Certificate Accounts

Fixed Rate IRA Certificates

Dividend rates are guaranteed until maturity and depend on the term you select

Minimum deposit amounts of $1,000, $50,000 & $100,000 available

Choose from terms ranging from 1 to 4 years

Dividends are compounded daily and paid quarterly and at maturity

Boost Certificates

Great for rising rate environment; if rates rise, you can "boost" your rate to the current rate without penalty or changing the terms of your certificate

Minimum deposit amounts of $1,000, $50,000 & $100,000 available

5-year term only

Dividends are compounded daily and paid quarterly and at maturity

Variable Rate IRA Certificates (Traditional & Roth)

Rate is tied to the interest rate market instead of a fixed rate established by the credit union

Open with a minimum deposit of $1,000

2 or 3-year terms available

Dividends are compounded daily and paid quarterly and at maturity

Traditional & Roth Requirements*

Traditional IRAs:

You must have earned income for the year and be younger than 70½ years

Individuals who do not participate in a pension plan at work, or who do participate and meet certain income guidelines, are eligible to make deductible contributions

Contribution limit for 2017 and 2018 is $5,500

Individuals age 50 and older can contribute an extra $1,000 each year to "catch-up"

Contribution limits cover both IRA options (e.g., for a $5,000 limit, you can put $3,000 in a Roth IRA and $2,000 in a traditional IRA, or $5,000 in one or the other, but not in both)

Most withdrawal are taxed as income

Most withdrawals before age 59½ result in a IRS penalty

Distributions are mandatory at age 70 1/2

Roth IRA:

Contributions are allowed if meet certain income guidelines

Contribution limit for 2017 and 2018 is $5,500

Individuals age 50 and older can contribute an extra $1,000 each year to "catch-up"

Contribution limits cover both IRA options (e.g., for a $5,000 limit, you can put $3,000 in a Roth IRA and $2,000 in a traditional IRA, or $5,000 in one or the other, but not in both)

At age 59½, earnings may be withdrawn tax free if the funds have been in the account for at least 5 years

Most withdrawals before age 59½ result in IRS penalties

Qualified "Special Purpose" distributions (of contributions and earnings) are allowed before age 59½ without tax penalty for qualified higher education expenses and for up to $10,000 towards a first time home purchase

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